doesnt explain much... but RIMM isnt the only one.
Tech stocks slip, but Zynga, Groupon up
By Benjamin Pimentel
May 15, 2012 16:27:16 (ET)
SAN FRANCISCO (MarketWatch) -- Technology stocks were mostly lower on Tuesday, as shares of Hewlett-Packard Co. led a sector retreat, offsetting gains in shares of Zynga Inc. and Groupon Inc.
H-P (HPQ, Trade ) lost 2.5% to close at $22.40, the worst performer on the Dow Jones Industrial Average (^DJI ), which lost 63 points.
The Nasdaq Composite Index (COMP.IDX ) gave up 9 points, or 0.3%, to close at 2,894. The Morgan Stanley High Tech 35 Index (MSH, Trade ) was off a fraction, while the Philadelphia Semiconductor Index (S, Trade ) lost 1%.
Major chip shares were in the red, including Intel Corp. (INTC, Trade ), Advanced Micro Devices Inc. (AMD, Trade ) and Texas Instruments Inc. (TXN, Trade ) Shares of Research In Motion Ltd. (RIMM, Trade ) were also down sharply, losing 6% to close at $11.10.
On the upside, the sector also got a boost from Amazon.com Inc. (AMZN, Trade ), shares of which rose a fraction to close at $224.39. The e-commerce company's stock was upgraded to outperform from neutral by Credit Suisse.
"We recognize that Amazon shares have been a strong performer year to date," analyst Spencer Wang wrote in a note. "However, if our work is correct, we believe that this may be just the beginning of an extended run in Amazon's stock."
Groupon (GRPN, Trade ) saw its stock jump nearly 4% to close at $12.17 after the daily-deals site reported first-quarter results that were better than expected.
Social-gaming firm Zynga (ZNGA, Trade ) shares also were up about 8% to $8.56 after Facebook Inc. (FB, Trade ) raised the price range for its initial public offering to $34 to $38 a share from $28 to $35 a share.
Most of Zynga's games are played through Facebook, which also reported in a regulatory filing in April that Zynga accounted for about 15% of its first-quarter revenue.
Juniper Networks Inc.'s (JNPR, Trade ) stock edged up a fraction to close at $17.67 after Bank of America/Merrill Lynch upgraded its rating to buy from neutral, citing potential earnings gains for Juniper based on a "recovery in carrier spending combined with the ramp in sales of newly introduced products, and upside to gross margin."
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